Will you invest North Korea through Mongolia? July, 2013

After a Mongolian company has tapped one of the world’s most closed markets by taking a stake in a North Korean oil refinery, some investors have begun to speculate about the opportunities to use Mongolian listing vehicle to invest into North Korea.

HBOil JSC, an oil trading and refining company based in Ulaanbaatar, Mongolia, said it acquired 20 percent of the state-run entity operating North Korea’s Sungri refinery, according to an e-mailed statement in mid June. It intends to supply crude to Sungri and export the refined products to Mongolia.

This report summarizes the deal announced by HB Oil, Mongolia-North Korea relations, Current situations of North Korea, intentions of Japan, US, Korea and other neighboring nations and implications to foreign investors.


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